BankMobile Continues Work on Digital Banking Platform Enhancements For 2020

BankMobile, a no-fee, mobile, online and tablet bank, announced on Tuesday it is launching more enhancements to its digital banking platform. BankMobile reported that it will offer a two-day paycheck advance, savings account with a rate that is equal or higher than that is offered by Marcus, Ally and Capital One 360, and a team of personal bankers for every direct deposit customer.

While sharing more details about the enhancements, Jay Sidhu, Chairman and CEO of Customers Bank and Executive Chairman of BankMobile, stated:

“One-third of Americans are living paycheck to paycheck and almost 50% do not have enough to pay for a $400 emergency. BankMobile is addressing this pain point with a two-day paycheck advance offering. In addition, most challenger banks are targeting the low-income segment; however, we believe there is also an opportunity to serve the mass and emerging affluent and our new savings account will compete for these customers. Lastly, as banks continue to become more high-tech, consumers are missing out on a high-touch experience.”

Luvleen Sidhu, Co-Founder and CEO of BankMobile, went on to add:

“Each of these three developments is meant to offer a significant enhancement to our customers. We are excited to continue to be innovative and offer solutions that focus on our customer-centric approach to banking.”

Launched in January 2015, BankMobile’s mission is to provide a compliant, mobile-first banking experience that is simple, affordable and financially empowering. Over the past five years, BankMobile claims it has grown to be in the Top 15 banks in the U.S. in terms of number of consumer checking accounts serviced.

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